Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Taxes And Budget topic
No spam. Unsubscribe anytime.
County auditor: appraisal error cuts Potter County revenue by $412,126
Summary
County Auditor Brandon reported a Potter-Randall Appraisal District clerical error that failed to apply a Freeport exemption, overstating taxable value by roughly $70 million and reducing Potter County's anticipated revenue by $412,126; commissioners were advised to account for the shortfall in budget planning.
Brandon, Potter County's auditor, told the Commissioners Court that a clerical error in the Potter-Randall Appraisal District (PRAD) certification failed to apply a Freeport exemption to a taxpayer's personal property account, producing an overstatement of taxable value of about $70 million and reducing the county's expected revenue by $412,126 for the year.
"This resulted in an overstatement of taxable values by about $70,000,000 on that taxpayer's account," Brandon said. He explained the taxpayer filed a correction under "Texas tax code section 25 25 c" to fix the clerical mistake; under that correction method the county will not be issuing a refund but will receive $412,126 less than anticipated because the corrected value reduces the no-new-revenue tax base.
Brandon advised the court that while the county's fund balance can absorb the one-year shortfall, the adjustment will reduce the baseline for the no-new-revenue tax rate in future calculations and recommended that commissioners account for the reduction when considering long-term commitments such as staff increases and multi-year contracts. Commissioners asked clarifying questions about timing and contingency plans; Brandon said staff can provide further details as budget planning proceeds.
